Gold Price Forecast: XAU/USD retreats towards $1,920, China, Fed concerns in the spotlight Gold XAUUSD Fed China RiskAversion
appears souring while the Federal Reserve signals have been hawkish of late. Furthermore, indecision about the US-China ties and a light calendar also exert downside pressure on the XAU/USD.Gold Price began the trading week on a negative foot, after snapping a two-week uptrend in the last, as theweaknes amid fears of economic slowdown in the global economy, led by hawkish monetary policies at the major central banks and dismal economics.
It should also be noted that the South China Morning Post quoted China State Council while saying, “The Council considered a batch of macroeconomic policies designed to expand ‘effective demand’, strengthen the real economy and defuse risks in key areas.” The same signals more stimulus from the dragon nation and more XAU/USD demand. However, multiple top-tier investment banks cut China’s growth forecasts and roiled the optimism afterward.
Moving on, the People’s Bank of China’s Interst Rate Decision can entertain the Gold traders amid hopes of rate cut, after the last week’s moves of cutting the lending rates. The same may help the XAU/USD to grind higher. However, the return of the full markets and likely multiple speeches from the Federal Reserve and the European Central Bank officials may renew hawkish central bank concerns and may weigh on the Gold Price.
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